High Growth Requires Managerial Skills as well as Entrepreneurial Capabilities
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RENT XXVI - RESEARCH IN ENTREPRENEURSHIP AND SMALL BUSINESS
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Empirical research suggests that high growth (Moreno, Casillas 2007) requires an active approach to product and market development, the ability to make changes in production to complement an active market development strategy, and the management capacity and capability to develop an adequate internal organizational structure and increase labour productivity (Smallbone et al. 1995; Siegel et al. 1993). Therefore, management teams need to balance managerial skills in specific functional areas such as marketing and finance with the capability to innovate in order to stay competitive (Barbero et al. 2011, Siegel et al. 1993).
Drawing on top management team research and the logic embodied in entrepreneurship, family business and resource-based-view literatures as well as the results of six case studies (one of them a longitudinal case study), it is demonstrated that complementary competences enable entrepreneurial teams to master challenges associated with fast growth. It is proposed that a well-balanced mix of entrepreneurial capabilities and managerial skills within entrepreneurial teams allow firms to grow fast by creating and exploiting market opportunities as well as by integrating growth through adequate structures, routines and systems simultaneously. It is proposed that entrepreneurial teams composed of entrepreneurs and managers who act in a behaviourally integrated way (joint decision-making, collaborative behaviour and the quantity and quality of information exchange (Hambrick 1994) and integration (Simsek et al. 2005) will be able to successfully realise high-growth strategies. Their advantage lies in strategic decision effectiveness (Carmeli et al. 2009) and process efficiency due to some sort of familiness, which is discussed in the family business literature (Zellweger et al. 2010; Habbershon et al. 2003; Habbershon, Williams 1999).